The elevator components market comprises of various mechanical and electrical parts that are used in elevators and escalators to facilitate their smooth and safe operation. Some of the key components include elevator guide rails, elevator cables, elevator buttons, circuit boards, and elevator doors. Elevator guide rails ensure proper movement and alignment between the elevator car and the hoistway. Elevator cables are used to either suspend or support the car and counterweight within the hoistway. Elevator buttons allow passengers to call and select floors. Circuit boards contain electronic components that control elevator operations. Elevator doors open and close automatically during elevator arrival and departure to permit passenger entry and exit.
The Global Elevator Components Market is estimated to be valued at USD 48.1 Bn in 2024 and is expected to reach USD 118.4 Bn by 2031, growing at a compound annual growth rate (CAGR) of 11.9% from 2024 to 2031.
Rapid urbanization, growing construction of commercial and residential infrastructure worldwide, and rising demand for efficient vertical transportation solutions are some of the key factors driving the elevator components market growth.
Key Takeaways
Key players operating in the elevator components market are Thyssenkrupp AG, Schindler Group, KONE Corporation, Otis Elevator Company, Mitsubishi Electric Corporation, and Fujitec Co. Ltd.
Growing demand for green buildings and focus on energy efficiency are increasing the adoption of regenerative drives, LED lighting, and intelligent controllers in elevators. Robust growth in commercial construction projects, residential high-rises, and institutional buildings worldwide is fueling demand for new Elevator Components Market installations. Advancements in microprocessor controls, touchscreen interfaces, and Internet of Things (IoT) technology are enabling improved safety, security, and connectivity features in modern elevator systems.
Market Trends
One of the primary trends in the elevator components market involves the increasing adoption of brushless DC motors which are more efficient and require lower maintenance compared to traditional AC induction motors. This has led to reduced energy consumption and operating costs of elevators.
Another major trend is the growing integration of IoT and cloud-based technologies. IoT sensors embedded in elevator components enable remote condition monitoring, predictive maintenance, and performance analysis. Cloud connectivity allows for software upgrades over-the-air and troubleshooting assistance from remote locations. This improves service quality and reduces downtime.
Market Opportunities
Rising focus on accessibility and comfort is driving demand for specialized elevator cabins tailored for disabled, elderly, and passenger transportation. This presents an opportunity for innovative cabin designs, assistive interfaces, and customized access solutions.
Refurbishment and retrofitting of aged elevator units present a major market opportunity as it allows for replacement and upgrade of old mechanical and electrical components with modern, efficient solutions. This helps building owners update infrastructure while saving on overall replacement costs.
Impact of COVID-19 on Elevator Components Market Growth:
The COVID-19 pandemic has greatly impacted the growth of the elevator components market globally. During the initial lockdown periods, the construction activities were halted which reduced the demand for new elevator installations. The restrictions on travel and mobility also lowered the need for maintenance and modernization of existing elevators. This declined the sales of key elevator components like buttons and switches, cab enclosures, door equipment, electromechanical components, and roller guides.
As the restrictions are being lifted now, the market is witnessing a gradual recovery. The focus is shifting from new construction to retrofitting existing structures with advanced safety features. Contactless elevator technologies are gaining prominence to minimize surface contact. Major players are launching innovative solutions like voice assistant controls, UV light sanitization, touchless calling through mobile apps etc. The demand for high-speed elevators is increasing in commercial spaces to optimize passenger waiting times. Governments across regions are supporting infrastructure projects to accelerate the economic revival post pandemic. This will drive the elevator components demand over the coming years.
Geographical Regions with Highest Elevator Components Market Value:
The elevator components market in Asia Pacific region accounts for the highest value currently. China is the global leader in new construction with large infrastructure and real estate developments. As the manufacturing hub, China also exports elevator systems worldwide. Other Asian countries like India, Indonesia, Vietnam etc are urbanizing rapidly which stimulates new high-rise commercial and residential space. This drives the need for mass transportation of people and goods within buildings. North America follows APAC in terms of elevator component consumption led by United States. Due to high replacement needs of aging infrastructure, the retrofitting and modernization segment is prominent.
Fastest Growing Region in Elevator Components Market:
The Middle East and Africa region is projected to witness the fastest growth in elevator components market over the forecast period. The expanding commercial construction on account of economic diversification away from oil is creating elevator installation opportunities. Mega infrastructure projects are in progress across GCC countries fueling component demand. Countries like Saudi Arabia, UAE are focusing on smart city developments which involve advanced smart building technologies including AI integrated elevators. Rising income levels are spurring residential high-rises as well. Growing urban populations will augment intra-city mobility needs propelling elevator usage in the region.
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